Last checked at 6 Feb 2014 10:25
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| 6th February 2014 |
MARUWA CO., LTD. |
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3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN |
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Consolidated financial results for the Second quarter of Fiscal 2014 | |||
MARUWA CO., LTD. today announced its consolidated financial results for the third quarter of Fiscal 2013 as follows;
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I. Summary of Consolidated Financial Results |
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(1) Summary of consolidated operating results |
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| JPY million |
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| 3rd Quarter | 3rd Quarter | Change % |
| 1 April - 31 Dec | 1 April - 31 Dec | |
| 2012 | 2013 |
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Net sales | 15,849 | 24,157 | 52.4% |
Operating income | 1,710 | 2,321 | 35.7% |
Income before income taxes | 1,936 | 2,663 | 37.6% |
Net income | 1,233 | 1,890 | 53.3% |
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Net income per share: |
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Basic | 100.19 | 153.23 | 52.9% |
Diluted | 100.16 | 153.15 | 52.9% |
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(2) Summary of consolidated financial condition |
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| As of 31 March | As of 31 Dec | Change % |
| 2013 | 2013 |
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Total assets | 45,610 | 48,227 | 5.7% |
Total net assets | 37,141 | 39,484 | 6.3% |
Equity ratio | 81.4% | 81.9% | 0.5% |
| JPY | ||
Total net assets per share | 3,014.90 | 3,198.31 |
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II. Dividends |
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| JPY per share |
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| Fiscal 2013 | Fiscal 2014 |
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Interim | 15 | 17 |
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Year-end | 15 | (forecast) 17 |
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Total | 30 | (forecast) 34 |
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*Cautionary statements: the above forecasts are forward-looking statements involving risks and uncertainties. Due to a number of factors, actual results may differ significantly from these estimates. | |||
II. Outlook for the fiscal 2013 | |||
The forecast figures for business results and dividends announced in 15 May 2013 are not changed.
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\* The financial statements are prepared in conformity with the accounting principles generally accepted in Japan. | |||
*Consolidated subsidiaries: 14companies. | |||
Review of Operations
1. Review of Operations
In this third quarter , the growth of the world economy has slowed due to the little clear expanded Eurozone debt problem and to the rapidly developing economies in emerging countries, including China, rapidly losing steam, and in spite of an indication of economic recovery in the United States.
The Japanese economy has attempted after new government appointment, the drop in the value of the yen and the positive stock market makes Japanese economy recover slowly.
In this severe economic situation, the MARUWA Group's business results during this first quarter of this fiscal year were in line with our plans due to a strong demand for ceramic substrate for power modules, new products for smart phone devices and LED lighting.
As a result, our consolidated sales were 24,179 million yen. (This is up 52.4% compared to the same period last year) Our operating income was 2,321 million yen. (This is up 35.8% compared to the same period last year) Ordinary profit was 2,680 million yen (This is up 34.7% compared to the same period last year). Net income was 1,890 million yen (This is up 53.3% compared to the same period last year).
2.Operating Results by Business Division
The Ceramic Components Division
The total sales for this business segment was 15,873 million yen. (This is up 9.8% compared to the same period last year).
The market for environment-related products, the power modules market and quartz glass have remained strong.
Operating income was 2,959 million yen.
Lighting Equipment Division
The turnover was 8,284 million yen. This is a 492.5% increase over the same period last year. Operating income was 64 million yen. This is a 21.3% decrease over the same period last year. The consolidated sales in this business is large by YAMAGIWA which became the subsidiary in last December having been connected. included a review of transportation, the distribution, an office, a warehouse, the rationalization expense including the showroom move that the new YAMAGIWA system started in April and planned earnings structure reinforcement. Therefore we improved a loss for the operating income.
This improvement is due to a consistent increase in inquiries and orders for LED lighting devices in the public utilities markets. New types of products were very successful. MARUWA is continuing to press forward with the development and promotion of new LED lighting products.
Review of Operations | ||||
Review of operating results by segment | ||||
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3rd Quarter | 3rd Quarter | |||
1 April - 31 Dec | 1 April - 31 Dec | |||
2012 | 2013 | |||
Ceramic Components: |
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Net sales | 14,450 | 15,873 | ||
Operating income |
| 2,265 |
| 2,959 |
Lighting Equipment: | ||||
Net sales | 1,398 | 8,284 | ||
Operating income |
| 82 |
| 64 |
Total: | ||||
Net sales | 15,848 | 24,157 | ||
Operating income |
| 2,347 | 3,023 | |
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Elimination: | ||||
Net sales |
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Operating income |
| (637) |
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Consolidated: | ||||
Net sales |
| 15,848 |
| 24,157 |
Operating income |
| 1,710 |
| 2,321 |
3. Financial Condition
Total assets as of the end of this second quarter were 48,227million yen, up 5.7％ from the end of last fiscal year . Total liabilities were 8,743 million yen up 3.2% from the previous year-end.Total net assets were 39,484 million yen, up 6.3% from the end of last fiscal year.
Consolidated Balance Sheet |
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| JPY million |
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3rd Quarter | (Reference) |
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As of 31 Dec | As of 31 March |
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2013 | 2013 |
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ASSETS |
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Current assets: |
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Cash & deposits | 12,525 | 11,312 |
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Trade notes and accounts receivable | 8,302 | 8,560 |
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Electronically recorded monetary claims-operating | 246 | 32 |
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Inventories: | 6,175 | 5,493 |
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Deferred tax assets | 416 | 260 |
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Other current assets | 766 | 619 |
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Allowance for doubtful accounts | (23) | (23) |
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Total current assets | 28,407 | 26,253 |
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Property, plant & equipment: |
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Land | 3,515 | 3,625 |
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Buildings & structures | 4,148 | 4,039 |
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Machinery & equipment | 6,491 | 6,447 |
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Other | 592 | 622 |
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Construction in progress | 1,907 | 1,792 |
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Total property, plant & equipment | 16,653 | 16,525 |
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Goodwill | 789 | 1,006 |
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Other | 419 | 368 |
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Net property, plant & equipment | 17,861 | 17,899 |
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Investment & other assets: |
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Total investments & other assets | 1,959 | 1,458 |
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Total assets | 48,227 | 45,610 |
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LIABILITIES |
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Current liabilities: | |||||
Trade notes & accounts payable | 2,859 | 3,086 | |||
Current portion of long-term debt | 339 | 339 | |||
Accrued income taxes | 513 | 607 | |||
Accrued bonus | 252 | 391 | |||
Accrued bonus to directors | 2 | 5 | |||
Notes payable for property acquisitions | 661 | 315 | |||
Other | 1,846 | 1,718 | |||
Total current liabilities | 6,472 | 6,461 | |||
Long-term liabilities: | |||||
Long-term debt | 1,363 | 789 | |||
Diferrred tax liabilities | 286 | 104 | |||
Provision for retirement benefits | - | 876 | |||
Provision for environmental measures | 26 | - | |||
Other | 596 | 239 | |||
Total long-term liabilities | 2,271 | 2,008 | |||
Total liabilities | 8,743 | 8,469 | |||
NET ASSETS | |||||
Shareholders' equity: | |||||
Common stock | 8,647 | 8,647 | |||
Capital surplus | 11,940 | 11,909 | |||
Retained earnings | 18,677 | 17,181 | |||
Treasury stock, at cost | (62) | (134) | |||
Total shareholders' equity | 39,202 | 37,603 | |||
Valuation and translation adjustments: | |||||
Net unrealized gains(losses)on available-for-sale securities | 66 | 16 | |||
Foreign currency translation adjustments | 208 | (511) | |||
Total valuation and translation adjustments | 274 | (495) | |||
A subscription warrant and Minority stockholders share | 8 | 33 | |||
Total shareholders' equity | 8 | 33 | |||
Total net assets | 39,484 | 37,141 | |||
Total liabilities and net assets | 48,227 | 45,610 | |||
Consolidated Statements of Income | ||
| JPY million | |
3rd Quarter | 3rd Quarter | |
1 April - 31 Dec | 1 April - 31 Dec | |
2012 | 2013 | |
Net sales | 15,849 | 24,157 |
Cost of sales | 11,387 | 15,997 |
Gross profit | 4,462 | 8,160 |
Selling, general & administrative | 2,752 | 5,839 |
expenses | ||
Operating income | 1,710 | 2,321 |
Other income (expenses): | ||
Interest & dividend income | 29 | 37 |
Interest expenses | (2) | (6) |
Rent income | 72 | 87 |
Rent expenses on real estates for investments | (39) | (43) |
Environmental expenses | (19) | - |
Foreign exchange gain (loss), net | 213 | 258 |
Gain on sales of property, plant and equipment | 1 | 1 |
Compensation income | - | 65 |
Provision for environmental measures | - | (26) |
Non operating expenses | - | (19) |
Loss on disposal or sales of property, plant and equipment | (51) | (44) |
Gain on valuation of inventories securities | 2 | 7 |
State subsidy | 207 | - |
Loss on reduction of noncurrent assets | (207) | - |
Other, net | 20 | 25 |
Other income (expenses), net | 226 | 342 |
Income before income taxes | 1,936 | 2,663 |
Income taxes: | ||
Current | 585 | 840 |
Deferred | 118 | (67) |
Total income taxes | 703 | 773 |